January 3rd, 2023 by WCBC Radio
Western Maryland saw some of the highest percentage increases in residential property values in the state's latest reassessment. Maryland property values jumped 20.6% over the last three years amid the pandemic's strong market, the largest increase in recent years. Property owners have already started receiving their reassessments in the mail. While residential property values increased in all counties and Baltimore city for the fifth consecutive year, Maryland Department of Assessments and Taxation Director Michael Higgs noted increases were substantially higher than state averages on the Eastern Shore and in parts of Western Maryland. Western Maryland counties account for three of the top eight percentage increases in residential values, with Garrett having the highest at 53.9%; Washington County at 36.8%; and Allegany at 28.7%. Allegany County Commissioners President David Caporale tells WCBC News that it’s important to note that these assessments only relate to zone two in the county and that the Homestead Credit limits any increase to 4%. He added that given the national trends, he wasn’t particulary surprised by the numbers…
.jpg)
